LYC +6.94%: the rare earths company put out some impressive 2Q production numbers, rebounding from a weak start to the year to beat expectations. Revenue was up 15% vs 2Q22 while total REO production was 27% higher than the 1st quarter as water supply shortages subsided. The company said the average selling price was in line with the prior quarter, however, demand has picked up since the start of the new year and prices have risen. The company is also marking strong progress towards their new Kalgoorlie facility which is expected to be up and running by July this year.
MM is bullish and long LYC in the Emerging Companies Portfolio
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